Want to open a new bank account so I have one for Direct Debits & one for spends

Jacko371

've decided that I need to open a new bank account so I can manage my money better each month. I currently have a Natwest current account (probably their most basic one as I've had it since I was 12/13, which is over 10 years ago)

I was thinking of opening a new account and transferriong most of my wages into it only leaving enough for my direct debits in my Natwest one.

I get around £1600 wages paid into my account every month & I have about £400 in direct debits, so I would transfer £1200 into my new account each month for me to spend on living.

My debts are:- £2500 on my BoS credit card, which is still on 0% for 9 months
£1500 on my car finance which comes out of my bank via direct debit every month.

Which do you think would be the best account for me to open given my circumstances?

Cheers

exel1966

Take a look at this page. It should point you in the right direction and give you an un-biased view.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1109610116,88950,#credit

It should give you food for thought. Coventry (min deposit £1kpm) / A&L (min deposit £500pm ) seem to be the market leaders at present. One thing to bare in mind is that A&L are rumoured to be launching a new current account next month paying 6% interest and opening that account will probably entitle you to open a regular saver paying 12% if you're interested. If you decide on A&L you can also get an introductory bonus of £50 for yourself and a refferer.

Do you need two seperate accounts ? If not, get the new one up and running smoothly and then consider just using the one that pays you interest. Remember,transferring between outside accounts takes 3-4 days if done mon/tues but longer if done from weds onwards.

Jacko371

Thanks for the link, I've gone for the high interest Halifax currrent account.

I do feel like I do need 2 accounts as it will make it clearer in my head what money I have to spend. I'm also thinking about opening a cash mini-isa to start and have some savings to show for my wage instaed of !!!!!! it away.